Just out of interest, I’m just wondering whether anyone here is familiar with the terms and availability for the HOOPP plan for doctors. Do most doctors in Ontario have this pension plan? I know it is the case for many nurses and hospital staff but I was just wondering if most hospitals contribute for doctors too (and what kind of doctors if they do).
I ran some numbers in the calculator on the website and the pension seems ridiculously high: if your earnings were $300,000 per year (I know not all doctors earn this but many specialists do) and you joined the pension at age 32 until age 60, you would receive approximately $14,435 per month or $173,220 per year.
If anyone has any info as to how HOOPP works for doctors, I would be interested to learn more! As well, how it compares to the federal public service pension (I always thought it was the best pension available out there, but clearly not if the above info is accurate) and/or other DB pensions.